For the best Business activity statements (BAS) in Tarneit and Truganina
A Business Activity Statement or BAS is a form issued by the Australian Taxation Office to all GST registered entities and it reports a business’s goods and services tax (GST) activity for the period. If required, the BAS can also report the PAYG withholding obligations, fringe benefits tax obligations, and any PAYG income tax instalments that may apply to a business. Though most BAS statements are issued quarterly, they might have to be issued monthly, in exceptional circumstances. For most businesses, it is ideal to hire a BAS agent who can prepare and submit the BAS statements on your behalf. Dev Accounting & Financial Solutions is one of the leading BAS (Business activity statements) accounting firm in Tarneit and Truganina.
Following are some of the benefits of hiring a BAS agent:
- Saves time and effort – To ensure that your BAS is accurate, you are required to reconcile the GST, PAYG, wages payable, super payable, wages expense, super expense, and ATO-integrated client accounts every quarter. This is both a laborious and time-consuming process and hence hiring a BAS agent is beneficial.
- Up to Date – BAS Agents undergo frequent training, seminars, and sessions to keep themselves updated about the latest GST, tax laws, and industry changes so they can stay registered. This means they known in and out of the BAS filing system and will investigate all the details.
- Safe harbour – If a business owner decides to lodge BAS on their own, there are chances of making mistakes, which can lead to penalties. Meanwhile, a BAS Agent will not make errors and is covered by the Safe Harbour laws, which adds an extra level of protection for the business.
- More time – There is a time period for lodging your BAS statements if you are doing it on your own while a BAS Agent gets extra time to lodge, which is a saving grace just in case there are any unexpected or unprecedented delays.
How to prepare BAS?
- Prepare your Information – To start with, reconcile your accounts to make sure that all your information is accurate and updated. Expenses such as purchases and cash expenses need to be recorded, information regarding creditors should be correct, and all outstanding funds should be justified. To validate this, you will need to gather any accounts that have business transactions such as receipts and invoices for those transactions
- Enter Missing Transactions – Using software like Xero helps in streamlining this process by connecting directly to your business bank account. You will have to account any missing transactions for which you possess receipts and invoices and you will need a date, total amount of the transaction, GST, and a description.
- Total your Records – Once all your information is accurately entered, you can either run an Activity Statement from your software or, add up all the numbers to define what amount of GST you owe or are owed for the tax period. Accuracy is primordial in this step and hence double-checks the data. Next, calculate your PAYG, which is the amount of tax that is withheld from employees’ wage payments. You will need to review your payroll and enter the amount of tax withheld and the gross wages for your employees if you have any.
- Update your Records and Lodge – Once you have completed and verified the data in the BAS, update your records with the new information, and make copies of all the relevant documentation. You can either mail a hard copy of the BAS form to the ATO, file electronically through the ATO portal, or have your BAS agent lodge this for you.
Dev Accounting and Financial Solutions is a sought-after accounting firm in Tarneit and Truganina. With an industry existence of over 35 years, we are known to render 360-degree financial solutions to our customers from across industries and walks of life. Dedication, truthfulness, and transparency are our primary driving factors and it has helped us in nurturing the relationships we have with our clients. Some of our primary services include business tax filing, income tax return filing, under 21 and student tax returns, office tax returns, bookkeeping services, double-entry accounting, SMSF and financial advice, BAS statement filing, and tax advice. At Dev Accounting and Financial Solutions, we coalesce quality professionalism with affordability, making our services accessible to customers from across backgrounds.
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